Section 80-IA, Sub-clause (iii) of Sub-section (4) of the Income-tax Act, 1961 - Deductions - Profits and Gains from Industrial Undertakings, or Enterprises Engaged in Infrastructure Development, ETC. - Notified Undertaking
Notification No. 37/2015 [F.No.178/72/2006-ITA-I]/SO 994(E) was published on 10 April 2015. Its subject is Section 80-IA, Sub-clause (iii) of Sub-section (4) of the Income-tax Act, 1961 - Deductions - Profits and Gains from Industrial Undertakings, or Enterprises Engaged in Infrastructure Development, ETC. - Notified Undertaking.
The notification rescinds notification S.O. 3466 dated 21 August 2006, by which the undertaking developed, maintained and operated by M/s Meenakshi Infrastructure Private Ltd., Hyderabad at Survey Nos. 5, 15 and 17, Kondapur Village, Serilingampally, Rangareddy District, Andhra Pradesh had been notified as an Industrial Park for the purposes of clause (iii) of sub-section (4) of section 80-IA. The rescission is made under that clause read with section 21 of the General Clauses Act, 1897, and is expressed to take effect from 21 August 2006, that is, from the date of the notification rescinded. The stated ground is that the undertaking failed to adhere to the terms and conditions of the Industrial Park Scheme, 2002, of the rescinded notification, and of the approval letter of the Ministry of Commerce and Industry dated 10 April 2007.
The Ministry of Commerce and Industry had by letter dated 6 February 2014 rejected a further amendment to the terms and conditions of the approval, and the undertaking was found to have failed to adhere to the conditions laid down in the Scheme, in the notification and in the approval letter.
SECTION 80-IA, SUB-CLAUSE (iii) OF SUB-SECTION (4) OF THE INCOME-TAX ACT, 1961 - DEDUCTIONS - PROFITS AND GAINS FROM INDUSTRIAL UNDERTAKINGS, OR ENTERPRISES ENGAGED IN INFRASTRUCTURE DEVELOPMENT, ETC. - NOTIFIED UNDERTAKING
NOTIFICATION NO. 37/2015 [F.NO.178/72/2006-ITA-I]/SO 994(E), DATED 10-4-2015
Whereas the Central Government (Ministry of Commerce and Industry) in exercise of the powers under the Industrial Park Scheme, 2002 (hereinafter referred to as the Scheme), as notified vide number S.O.354(E) dated the 1st April 2002, had granted approval vide letter No.15/13/05-IP&ID dated 17.02.2005 to the undertaking being developed, maintained and operated by M/s Meenakshi Infrastructure Private Ltd., Hyderabad at Survey No.5,15,17, Kondapur Village, Serilingampally, Rangareddy District, Andhra Pradesh as an Industrial Park;
And whereas, the Central Government (Ministry of Finance, Department of Revenue, CBDT) in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961),(hereinafter referred to as the Act") had notified the undertaking being developed and being maintained and operated by M/s Meenakshi Infrastructure Private Ltd., Hyderabad at Survey No.5,15,17, Kondapur Village, Serilingampally, Rangareddy District, Andhra Pradesh as an Industrial Park for the purposes of the said clause (iii), vide notification of the Government of India in the Ministry of Finance, Department of Revenue, vide number S.O.No.3466, dated the 21st August 2006 published in the Gazette of India, Part II, section 3, sub-section (ii) ;
And whereas M/s Meenakshi Infrastructure Private Ltd., Hyderabad vide their letter dated 2nd August, 2006 filed an application for transfer of Operation and Maintenance of the Industrial Park named "E Park" at Hyderabad to M/s Vijay Infotech Ventures, Secunderabad;
And whereas, the Central Government (Ministry of Commerce & Industry) vide letter no.15/13/05-IP&ID dated 9th August, 2006 considered the request of the undertaking for transfer of operations and maintenance to M/s Vijay Infotech Ventures, Secunderabad, Andhra Pradesh;
And whereas the Central Government (Ministry of Commerce & Industry) vide letter no/15/12/2006-ID dated 10.4.2007, approved amendment at para 7(vii) to the approval accorded vide approval no. 15/13/2005-IP&ID dated 17th February, 2005;
And whereas, subsequently the Central Government (Ministry of Commerce and Industry) vide letter no. 15/12/2006-IP&ID dated 6th February, 2014 has rejected further amendment to the terms and conditions laid down vide its letter no. 15/12/2006-ID dated 10th April, 2007;
And whereas, the undertaking has failed to adhere to the terms and conditions as laid down in the Industrial Park Scheme and by the Central Government vide the Ministry of Finance, Department of Revenue's Notification Number S.O.No.3466, dated the 21st August 2006 published in the Gazette of India, Part II, section 3, sub-section (ii) and Ministry of Commerce and Industry, Department of Industrial Policy and Promotion's approval letter no.15/12/2006-ID dated 10th April, 2007;
Now, therefore the Central Government, in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Act read with section 21 of the General Clause Act, 1897 (10 of 1897), hereby rescinds the said Notification No. S.O. 3466, dated the 21st August 2006 issued in the case of the undertaking with effect from 21st August 2006.
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21 August 2006, retrospectively.
A reader meets this in an assessment or reassessment where deduction under sub-clause (iii) of sub-section (4) of section 80-IA was claimed for this industrial park in any year from assessment year 2007-08 onwards.
← Notification No. 36/2015 [F.No.196/42/2012-ITA.1]/SO 993(E) · Notification No. 33/2015 [F.No.142 /14/2014-TPL] / SO 915(E) →
Source: the Income Tax Department’s own published text — its page for this instrument.